Republicans on the House Financial Services Committee are calling on Securities and Exchange Commission acting Chair Mark Uyeda to withdraw a slew of final and proposed rules promulgated during the Biden administration.
In a March 31 letter, the lawmakers suggested the SEC withdraw 14 final rules, including ones on cybersecurity disclosure, short position reporting and fund names, as well as proposals on artificial intelligence and environmental, social and governance disclosures.
“Under the previous administration, the SEC lost sight of its mission to protect investors; maintain fair, orderly and efficient markets; and facilitate capital formation,” the lawmakers wrote.
“Under this new leadership, the SEC can reaffirm its statutory mandate by revisiting several final rules promulgated by the previous administration,” they continued. “These rules have made the U.S. capital markets less attractive to existing and potential public companies. As global economic competition escalates, the strength of our capital markets is essential to American businesses’ ability to thrive at home and compete abroad.”
Fifteen Republicans signed the letter, including Rep. French Hill, R-Ark., chair of the House Financial Services Committee.
President Donald Trump has nominated Paul Atkins, CEO of Patomak Global Partners and a former SEC commissioner from 2002 to 2008, to lead the SEC. Atkins testified before the Senate Banking Committee during a March 27 nomination hearing and the committee is slated to vote on his nomination on April 3.
